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Practice Industry: Crossborder Trade & Investment, Financial Services

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COVID-19: Entry into the Emirates of Dubai and Abu Dhabi
Afridi & Angell, September 2020

On 12 September 2020, the UAE Ministry of Health and Prevention (MoHAP) reported 1007 new COVID-19 cases in the UAE. With the number of cases rising both within the UAE and in most other countries, the UAE government has reiterated the importance of adhering to preventive guidelines and has further placed safeguards, particularly in Abu Dhabi, to ensure that those traveling to the UAE are confined to prevent the transmission of the virus...

Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services
Spilman Thomas & Battle, PLLC, September 2020

  The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate opening. Some do, while others do not. Some professional and college sports teams play games to empty stadiums. Some businesses are open, with restrictions, while others are not. Lawsuits are being filed by businesses that think they should be permitted to reopen like their neighbors who already have...

DIFC Increases Scope and Fines
Afridi & Angell, September 2020

The DIFC has expanded the scope of the common reporting standards, meaning more people must make filings plus increased fines for non-compliance. With effect from 16 August 2020, DIFC Law 6 of 2020 (the CRS Law Amendment Law) was enacted to amend the Common Reporting Standard (CRS) Law, DIFC Law 2 of 2018 (the CRS Law). This enactment follows the issuance of the new CRS Regulations, which came into effect on 30 July 2020...

New Law on Registering Security over Movable Assets
Afridi & Angell, September 2020

Federal Law No. 4 of 2020 on Guaranteeing Rights Related to Movables (the New Mortgage Law), which came into effect on 1 June 2020, has updated the regime for registering security interests over movable assets in the UAE. The new regime The New Mortgage Law repealed Federal Law No. 20 of 2016 on Mortgaging of Movable Property as Security for Debts (the Old Mortgage Law)...

Shearn Delamore & Co. Legal Update August 2020 (Financial Services)
Shearn Delamore & Co., September 2020

Bursa Malaysia seeks Feedback on Proposed Reduction in Public Spread On 23 July 2020 Bursa Malaysia Berhad ("Bursa") released Consultation Paper No. 2/2020 Proposed Amendments to the Main Market and ACE Market Listing Requirements in relation to Public Security Holdings Spread ("Consultation Paper")...

New Measures to Prevent and Combat Money Laundering and Terrorist Financing
PLMJ, September 2020

Law 58/2020 came into force on 1 September 2020 and it implements into Portuguese law: Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing, commonly known as the 5th Anti-Money Laundering Directive; and Directive (EU) 2018/1673 of the European Parliament and the Council of 23 October 2018 on combating money laundering by criminal l

Alternative Financing Solutions: Intellectual Property-Backed Loans
Waller, September 2020

As the world begins to adjust to the short and long-term impact and implications of the COVID-19 pandemic, many companies are seeking ways to preserve cash on their balance sheets while simultaneously raising funds to ensure a continuation of operations. One option to consider is using the company’s intellectual property (IP) portfolio as collateral for funding...

PSE Increases to 20% the Minimum Public Ownership Requirement for Initial and Backdoor Listings
SyCip Salazar Hernandez & Gatmaitan, September 2020

The Philippine Stock Exchange (PSE) has issued Memorandum Circular 2020-00761 on August 3, 2020 and this sets out the Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings (2020 MPO Guidelines)...

Recent Amendments to the Commercial Agency Law
Afridi & Angell, September 2020

As many will know, Federal Law 18 of 1981 (the Commercial Agency Law; or CAL) regulates agency, distributorship and franchise relationships in the UAE, regardless of the nomenclature used to describe them...

Repeal of UAE Boycott of Israel Law
Afridi & Angell, August 2020

Following the announcement of the Abraham Accord with Israel, President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued Federal Decree Law 4 of 2020, repealing Federal Law 15 of 1972 (the Boycott Law). Brief overview of the Boycott Law Pursuant to the Boycott Law, the United Arab Emirates (UAE) joined the Arab League boycott of Israel (the Boycott)...

Alternative IPO Methods Gain Traction as NYSE Direct Listings are Approved by the SEC
Waller, August 2020

In a year that has already seen explosive growth in the alternative initial public offering space, the New York Stock Exchange (NYSE) has gotten approval to allow companies to raise capital through a primary direct listing on the NYSE. The NYSE submitted its proposal relating to direct primary listings in November 2019, and had amended the proposal twice in an effort to satisfy the United States Securities and Exchange Commission (SEC), which is the NYSE's primary regulator...

UAE Foreign Direct Investment Law vs GCC Customs Exemption
Afridi & Angell, August 2020

As reported in our inBrief of 15 April 2020, Federal Decree-Law 19 of 2018 on Foreign Direct Investment (the FDI Law) permits majority foreign investment in certain business sectors and activities. Although majority ownership is attractive, it is not the only factor that a potential foreign direct investor should consider. One additional factor is whether the proposed business would qualify for the 5% GCC customs duty exemption that is discussed below...

SEC Amends Definition of Accredited Investor
Buchalter, August 2020

On August 26, 2020, the Securities and Exchange Commission (SEC) adopted long anticipated amendments to the “accredited investor” definition.  The SEC said that the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in securities offerings that are not registered under the Securities Act of 1933...

Accredited Investors: Wealth Is No Longer the Sole Proxy for Financial Sophistication
Hanson Bridgett LLP, August 2020

Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth...

Angola: New Rules for Current Invisible Operations
PLMJ, August 2020

Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced a greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated on commercial banks the validation of the operations. With the publication of the Circular Letter No...

State Council Promotes New Policies to Stabilise Foreign Trade and Foreign Investment
Deacons, August 2020

On 29 July 2020, the State Council held an executive meeting (Meeting) which centred on stabilising the main body of foreign trade, the industrial chain and the supply chain, and establishing four policies to stabilise foreign trade and foreign investment (Four Policies)...

China Announced Draft 2020 Catalogue of Encouraged Industries for Foreign Investment
Deacons, August 2020

According to the annual study “Doing Business” released by the World Bank Group in recent years, China’s business environment has improved greatly during 2018 to 2020, with its global ranking moved up from 78th to 31st. In terms of investment policies, the Chinese government mainly uses the Catalogue of Encouraged Industries for Foreign Investment to facilitate and guide foreign investment in specific industries, fields, and regions in China...

Reform of Hong Kong MPF Operations: An Electronic Platform and Trustee Fees
Deacons, August 2020

The Mandatory Provident Fund Schemes (Amendment) Ordinance 2020 (Amendment Ordinance) was gazetted on 24 July 2020 and came into effect on the same day...

Mainland China Briefing: CSRC Issues Consultation Papers on New Measures for Managers of Public Funds
Deacons, August 2020

On 31 July 2020, the China Securities Regulatory Commission (CSRC) issued consultation papers on Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Measures, available here in Chinese)and the Provisions on Issues concerning the Implementation of the Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Implementation Provisions, available here in Chinese)...

China Releases Circular on Further Stabilizing Foreign Trade and Foreign Investment
Haynes and Boone, LLP, August 2020

On August 12, 2020, the State Council of the People’s Republic of China (“State Council”) released theCircular on Further Stabilizing Foreign Trade and Foreign Investment(the “Circular”), in which the Chinese government announced 15 policies aiming to protect foreign trade entities and to keep supply chains stable against the economic fallout of the unabated COVID-19 pandemic. A few key points of the Circular include: 1...

The New White Paper - EU Combats Distortions of Competition by Third States
Heuking Kühn Lüer Wojtek, August 2020

In June, the European Commission has published the "White Paper on levelling the playing field as regards foreign subsidies". For the first time that the European Commission has brought together State aid and investment control as well as trade defence instruments. Companies coming from third countries can expect costly and lengthy examination procedures in M&A transactions, but also new hurdles for other activities in the internal market...

New Hires Despite Short-Time Work?
Heuking Kühn Lüer Wojtek, August 2020

Due to the Corona pandemic and the associated economic effects, numerous companies were forced to announce short-time work over the past few months. This raises the question for employers to what extent it is still possible to hire during short-time work and what effects this has on short-time working compensation. NEW HIRES DURING SHORT-TIME WORK First of all, a distinction must be made between new hires before and after the introduction of short-time work...

CFPB Issues Proposed Rule to Create New Category of “Seasoned Qualified Mortgages”
Buchalter, August 2020

  On August, 18, 2020, the CFPB issued a new proposed rule to create a new category of “seasoned qualified mortgages” (Seasoned QMs) that would receive the safe harbor conclusive presumption of meeting the Ability to Repay standard. The proposed rule would allow certain loans that meet specified criteria and are held in portfolio by the lender for three years to qualify as QMs...

EU Recovery Prospectus – Planned Facilitation of the Equity Issuance Through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

China Releases Draft Measures for the Administration of Imported and Exported Food Safety
Haynes and Boone, LLP, August 2020

On June 11, 2020, the General Administration of Customs (“GAC”) released the Measures for the Administration of Imported and Exported Food Safety [draft] (General Administration of Customs of People's Republic of China, 2020) (“Draft Law”) to solicit public comments until July 11, 2020...

 

 

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